VANDARO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VANDARO
Largest movements
- Tangible fixed assets +€448,811
up €448,811 (+167.2%), from €268,360 to €717,172
of which Land and buildings: +€448,269
- Cash -€271,948
down €271,948 (-83.3%), from €326,330 to €54,382
mainly Investment in fixed assets (net) (-€465,478) and Net result for the year (-€27,059)
- Other debts +€200,000
up €200,000, from €0 to €200,000
- Profit (loss) carried forward -€19,972
down €19,972 (-26.7%), from -€74,691 to -€94,662
- Depreciation +€11,080
up €11,080 (+198.3%), from €5,587 to €16,667
- Gross operating margin +€1,395
up €1,395 (+13.8%), from -€10,119 to -€8,723
- Other operating charges +€613
up €613 (+18.3%), from €3,359 to €3,973
- Financial charges -€155
down €155 (-72.5%), from €214 to €59
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €601,750 | €772,328 | +€170,578 | +28.3% |
| Fixed assets | 21/28 | €268,360 | €717,172 | +€448,811 | +167.2% |
| Tangible fixed assets | 22/27 | €268,360 | €717,172 | +€448,811 | +167.2% |
| Land and buildings | 22 | €268,360 | €716,629 | +€448,269 | +167.0% |
| Plant, machinery and equipment | 23 | - | €542 | +€542 | |
| Current assets | 29/58 | €333,389 | €55,157 | -€278,233 | -83.5% |
| Amounts receivable within one year | 40/41 | €1,692 | €775 | -€918 | -54.2% |
| Other amounts receivable | 41 | €1,692 | €775 | -€918 | -54.2% |
| Cash at bank and in hand | 54/58 | €326,330 | €54,382 | -€271,948 | -83.3% |
| Deferred charges and accrued income | 490/1 | €5,367 | €0 | -€5,367 | -100.0% |
| Total equity and liabilities | 10/49 | €601,750 | €772,328 | +€170,578 | +28.3% |
| Equity | 10/15 | €478,245 | €451,186 | -€27,059 | -5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €114,220 | €114,220 | = | 0.0% |
| Reserves | 13 | €376,715 | €369,628 | -€7,088 | -1.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €370,515 | €363,428 | -€7,088 | -1.9% |
| Profit (loss) carried forward | 14 | -€74,691 | -€94,662 | -€19,972 | -26.7% |
| Provisions and deferred taxes | 16 | €123,505 | €121,143 | -€2,363 | -1.9% |
| Deferred taxes | 168 | €123,505 | €121,143 | -€2,363 | -1.9% |
| Amounts payable | 17/49 | €0 | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €0 | €200,000 | +€200,000 | |
| Other amounts payable | 47/48 | €0 | €200,000 | +€200,000 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,587 | €16,667 | +€11,080 | +198.3% |
| Other operating charges | 640/8 | €3,359 | €3,973 | +€613 | +18.3% |
| Gross operating margin | 9900 | -€10,119 | -€8,723 | +€1,395 | +13.8% |
| Operating profit (loss) | 9901 | -€19,065 | -€29,363 | -€10,298 | -54.0% |
| Financial charges | 65/66B | €214 | €59 | -€155 | -72.5% |
| Recurring financial charges | 65 | €214 | €59 | -€155 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,279 | -€29,422 | -€10,143 | -52.6% |
| Transfer from deferred taxes | 780 | - | €2,363 | +€2,363 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€19,279 | -€27,059 | -€7,780 | -40.4% |
| Transfer from tax-exempt reserves | 789 | - | €7,088 | +€7,088 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,279 | -€19,972 | -€693 | -3.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.